707- 478-0637
Let me start by saying that if you are not ready right now it does not mean you will never be ready. The key is knowing where you are now and the steps to get where you want to go. I say that upfront because I run into a lot of people that give up if they are not ready the first time. Don’t give up. Look at the path to ownership as a path like the “Game of life”. Remember that board game? It was the best. Right? Approach this with the same joy and enthusiasm. Sometimes you have to take extra steps to get to the finish line but if you keep playing by the rules then you will get to the finish line. Ok here we go!
When looking at qualifying a person for a home loan I am looking at three big categories. It is generally in one of these categories that I get “red flagged” that someone is not ready. They are:
What I am looking for is that the above 3 categories are stable. Yes, the key to getting pre-approved is showing stability. So, let’s go through them one by one
You may be thinking underwriters are super annoying dream killers right now, but they are not. They are your best friend double checking everything for you to make sure you do not end up house poor or with a foreclosure. I came into the business in 2008 and spent my formative years listening to people breakdown on the phone about losing their homes. I had not put people in these loans, but I was the person they now called as they were looking for hope and a solution.
We had none because the people had never qualified for the loan in the first place. My heart broke for every single person who had been told by a lender not to worry and they could afford the payment. Loose underwriting led to heartbreak. You may think you would not care if you lost a house but tell that to the people who lost their spouses to suicide over it.
Dark right?
You have no idea the devastating toll a foreclosure can take on a person. The guidelines for loans now are cautious and they are designed that way to stop another 2008 from happening. The guidelines are designed to protect you from getting in over your head and ending up in a bad situation. If you are not ready yet, that is OK. Do the homework follow the path and you will get to the finish line. Your entire financial picture will improve along the way
Call: 707- 478-0637
707-559-9566
Email: beeston@rate.com
Mortgage and Financial Education
1750 North University Drive, Suite 234
Coral Springs, FL, 33073
NMLS 247743
GR NMLS: 2611
Equal Housing Lender
Nmlsconsumeraccess.org
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Jennifer Beeston - All Rights Reserved